RISC completes Competent Person’s Report for prospective resources in block 3B/4B, Orange Basin, South Africa for Toronto Stock Exchange

RISC Advisory was engaged by Africa Oil Corp. to prepare a Competent Person’s Report for prospective resources in block 3B/4B, Orange Basin, South Africa in accordance with Canadian National Instrument 51-101 using the Canadian Oil and Gas Evaluation Handbook (COGEH) and the Petroleum Resources Management System 2018 (PRMS). RISC’s report provides an evaluation of prospective resources from a prospect inventory identified using 3D seismic data and follows completion of the reprocessing of 2,200 km² of 3D seismic data and play-opening discoveries in Namibia including TotalEnergies’ Venus discovery and Shell’s Graff, La Rona, and Jonker light oil discoveries. These discoveries prove the existence of a working petroleum system for light oil, gas condensate and gas in the geological play fairway. The proven reservoirs in Graff and Venus discoveries are similar to Cretaceous reservoirs and geological plays that would be targeted in the Africa Oil 3B/4B Exploration Right. Prospects in Block 3B/4B were identified using 3D seismic data to assess the presence of seismic attributes including amplitude-variation-with-offset (“AVO”) or direct hydrocarbon indicators (“DHI’s”).

Africa Oil Corp. press release: https://africaoilcorp.com/news/africa-oil-announces-new-competent-persons-report-122876/

RISC Report: https://africaoilcorp.com/site/assets/files/1823/risc_-_africa_oil_corp_prospective_resource_report-_blo.pdf

ABOUT RISC ADVISORY

RISC is an independent oil and gas advisory firm. All of the RISC staff engaged in this assignment are professionally qualified engineers, geoscientists or analysts. RISC was founded in 1994 to provide independent advice to companies associated with the oil and gas industry. RISC has completed over 2,200 assignments in more than 90 countries for over 500 clients. RISC has completed Competent Person’s Reports and Independent Valuations for companies in a variety of countries including Australia, Cameroon, China, Denmark, Equatorial Guinea, Indonesia, Nigeria, Senegal, South Africa, Tunisia, UK and Vietnam.

ABOUT AFRICA OIL

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio in west and south of Africa, as well as Guyana. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.

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